Recently, Turkey and the UK signed a free trade agreement. This is the most significant trade agreement for Turkey since it established a customs union with the European Union in 1995, marking a milestone. The agreement came into effect on January 1, 2021, following the UK's formal withdrawal from the EU, to maintain existing trade in goods.
"This is a historic day for Turkey-UK relations," said Turkish Trade Minister Ruhsar Pekcan during a video conference with UK WorldWay Secretary Liz Truss prior to signing the agreement.
Pekcan stated, "This agreement will be the greatest guarantee for the future development of our bilateral trade." The agreement will ensure that trade between Turkey and the UK remains robust in the days to come, and she emphasized that there is no uncertainty regarding the trade structure between the two countries.
"We are taking the first step toward further deepening our relations while maintaining the achievements of the customs union over the past 25 years," said Pekcan. "With this new agreement, Turkey and the UK are pleased to meet the expectations of the business community and fulfill our commitments."
Although the details of the agreement were not immediately disclosed, the UK Department for WorldWay stated that the agreement would replicate existing trade terms, with the hope that the two countries could soon reach a bespoke agreement.
Pekcan noted that in the absence of an agreement, approximately 75% of Turkish exports to the UK would have been subject to tariffs, resulting in a loss of about $2.4 billion (approximately 17.6 billion Turkish Lira), but the agreement eliminates this risk. She said, "We have reached a tariff-free agreement as planned, covering all industrial and agricultural products."
The UK is Turkey's second-largest trading partner after Germany. Between January and November 2020, the trade volume between the two countries reached $15.1 billion. Pekcan stated in 2019 that Turkey's exports to the UK amounted to $11.3 billion, while total imports were $5.6 billion.
The UK stated that this is the fifth major trade agreement negotiated and signed by the UK Department for WorldWay, following those with Japan, Canada, Switzerland, and Norway.
Truss said at the ceremony that the agreement lays the foundation for an ambitious UK-Turkey trade relationship in the future. Truss noted that given Turkey's growing dynamism and the UK's status as a global service provider, this relationship holds great potential.
1. As a fast-growing global economy, the Turkish market offers significant investment opportunities
As an emerging economy in the G20, Turkey's economy has grown steadily over the past 15 years and has been included in the "Next Eleven" by international investment banks such as Goldman Sachs. Amidst the rapid development of the Turkish economy, the real estate sector has maintained a strong growth momentum, and an increasing number of companies and individual investors from various countries are eyeing Turkey's investment environment!
According to data from the Turkish Ministry of Trade, as of now, the number of companies in Turkey with international capital has reached 58,400, and this figure continues to grow. Turkey has attracted investments from numerous European and American companies such as Coca-Cola, Bosch, Microsoft, Nestlé, and Unilever, as well as many Chinese companies including Huawei, Alibaba, ICBC, CRRC, and Sinopec!
2. The Turkish Citizenship by Investment Program offers numerous advantages and has become a popular choice for identity planning
Turkey is currently a major geographical, demographic, and economic power in Eurasia among countries with citizenship by investment programs, and it is also a major G20 nation offering an open, low-cost citizenship by investment program! The launch of the Turkish Citizenship by Investment Program provides global investors with an excellent opportunity for immigration investment and creating an overseas home! For high-net-worth individuals looking to achieve overseas asset allocation, the current relaxation of Turkey's property-buying immigration policy and the support of monetary easing make this an excellent time to enter the Turkish market!
Currently, by participating in the Turkish property-buying program, investors not only acquire real estate but also gain potential added value—Turkey is an EU candidate country. Once it successfully joins the EU, Turkish real estate will be upgraded to EU-country real estate, and the Turkish passport will be upgraded to an EU passport! With the closure of the Cyprus Investment Programme (CIP) on November 1, 2020, the Turkish Citizenship by Investment Program has become one of the best choices for investors to conveniently obtain an EU passport following the closure of the Cyprus program. Getting in now means promising future returns! At the same time, after obtaining a Turkish passport, investors can also use it as a springboard to the United States by applying for an "E-2 Visa," achieving multiple goals at once!
As one of the Top 500 Asian Brands and an immigration agency that pioneered the promotion of European property-buying immigration programs, Worldway Group maintains excellent interaction with the Turkish government and has partnered with powerful Turkish developers to introduce numerous high-quality real estate projects to investors! Recently, Worldway, in collaboration with a powerful Turkish developer, grandly introduced the Turkish "Yuhai Huating" (Royal Sea Garden) project to investors. Located in Kartal, the district with the most potential for urban development in Istanbul, it is both a radiation zone for key Turkish engineering projects and a popular residential community favored by CBD white-collar workers! The project is adjacent to the Sea of Marmara and is connected to subway entrances, highway entrances, and the airport. It features luxury coastal view residences in Istanbul, high-quality finished homes, a garden-style community, mature supporting facilities, and includes a private parking space. With prices starting from as low as $1,400/㎡, it is the best choice for overseas property investment!
In addition to the Turkish Yuhai Huating project introduced by Worldway in collaboration with powerful Turkish developers, there are also Siji Huating, Yuhai Mingdi, and Wanghai Yunting, which are also among the most popular projects on the market! Large, high-quality finished homes, suitable for both investment and self-occupation... a variety of needs, yours to choose from! Purchase property starting from $250,000 to apply for a Turkish passport for the whole family in a major European country!
For details on applying for the Turkish Citizenship by Investment Program, please consult the Worldway service hotline. Mainland China: 400-138-2929 Hong Kong, China: (852) 2802 8798
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